Butterfly Network (NYSE:BFLY) Stock Rating Raised to Strong-Buy at Evercore

Evercore upgraded shares of Butterfly Network (NYSE:BFLY) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks reports.

A number of other research analysts have also weighed in on BFLY. Needham & Company LLC assumed coverage on Butterfly Network in a report on Tuesday, September 22nd. They issued a “buy” rating and a $10.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Butterfly Network in a report on Monday, August 3rd. Finally, TD Cowen reiterated a “buy” rating and issued a $10.00 target price on shares of Butterfly Network in a research report on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Butterfly Network has a consensus rating of “Moderate Buy” and an average target price of $8.54.

Butterfly Network Trading Down 0.6%

NYSE BFLY opened at $9.10 on Tuesday. The stock has a market cap of $2.42 billion, a P/E ratio of -31.37 and a beta of 2.08. Butterfly Network has a 12-month low of $1.87 and a 12-month high of $10.05. The company has a fifty day simple moving average of $8.26 and a two-hundred day simple moving average of $6.40.

Butterfly Network (NYSE:BFLY) last released its earnings results on Thursday, July 30th. The company reported ($0.01) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.03. The firm had revenue of $32.61 million for the quarter, compared to the consensus estimate of $29.16 million. Butterfly Network had a negative return on equity of 33.99% and a negative net margin of 66.74%. As a group, sell-side analysts forecast that Butterfly Network will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In other Butterfly Network news, CEO Joseph Devivo sold 3,169 shares of the company’s stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $10.02, for a total value of $31,753.38. Following the sale, the chief executive officer directly owned 7,347,720 shares of the company’s stock, valued at approximately $73,624,154.40. This represents a 0.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, General Counsel Nicholas Caezza sold 10,000 shares of Butterfly Network stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $9.75, for a total value of $97,500.00. Following the transaction, the general counsel owned 300,307 shares of the company’s stock, valued at $2,927,993.25. The trade was a 3.22% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 4,749,549 shares of company stock valued at $32,279,460 in the last 90 days. 21.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the stock. State Street Corp grew its stake in shares of Butterfly Network by 4.0% during the 2nd quarter. State Street Corp now owns 5,762,672 shares of the company’s stock worth $48,522,000 after purchasing an additional 223,012 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Butterfly Network by 4.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,326 shares of the company’s stock valued at $466,000 after purchasing an additional 2,125 shares during the period. Engineers Gate Manager LP acquired a new position in shares of Butterfly Network in the 2nd quarter valued at $595,000. Squarepoint Ops LLC boosted its holdings in Butterfly Network by 27.0% during the second quarter. Squarepoint Ops LLC now owns 450,401 shares of the company’s stock worth $3,792,000 after buying an additional 95,850 shares in the last quarter. Finally, Corient Private Wealth LP purchased a new stake in Butterfly Network during the second quarter worth $156,000. 37.85% of the stock is owned by institutional investors and hedge funds.

About Butterfly Network

Butterfly Network, Inc develops portable, semiconductor-based ultrasound systems designed to make diagnostic imaging more accessible across hospitals, clinics, physician offices, emergency services and other care settings. Its technology uses a single handheld probe with software-enabled imaging capabilities, rather than requiring multiple dedicated ultrasound machines.

The company’s product portfolio includes the Butterfly iQ, iQ+, and iQ3 handheld ultrasound devices, along with related software and cloud-based tools.